THE BETOMETER HELP GUIDE
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MARKET ODDS (PRICES) OPTIONS
The Betometer gives you 5 options to evaluate,compare and use the various prices available in the betting market.
The Normal odds option is simply using the current Betfair prices and they are displayed in a similar manner to the standard Betfair market layout. Between the Back odds (Blue) and the Lay odds (pink) you have a column of prices. The top figure is the Betfair Starting Price. If you need to know more about the Betfair SP then click here
The BFSP option allows you to bet the current expected starting price. Once the event goes
In Play then the odds become the actual Betfair Starting Price.
Note that the Betfair SP can be irregular prices (eg 7.91)
The Betometer rounds these
to correct Betfair price increments.
The Betfair Volume option takes the traded volume of matched bets for each runner and converts them to a price. Quite often this volume price is very different from the Betfair SP and the live Betfair market odds. The shorter the volume price the more activity for that selection, and it very enlightening as to what is going on in the market. Look at the above screen shot for an example of how the volume prices tell a different story from the Betfair SP and live market.
This option is useful on fast turn around events like greyhound racing and can be used on all Betfair markets. The volume prices are adjusted to correct Betfair price increments
The Bookie option places the best available bookmaker prices in the odds boxes allowing you to place bets at those prices, again the prices are adjusted to Betfair price increments.
To see the best odds in the bookmaker markets then open the radio browser and select the bookmaker option.
The MakeBook option allows you to add value to your betting markets.
As an example you can Dutch the whole field of runners if you increase the value of the odds.
Or if you wish to lay a runner then do so using its Betfair SP plus say, 10% which builds in value to your bet. Your bets obviously need to be matched, but as long as your percentage increment is not too large then this is easily achieved. The adjusted prices are calculated to the nearest Betfair price increment
The sum of the odds for all runners in the event is called the 'Book'
Ideally the book should be as close to 100% as possible so that the prices (odds) offered are as close to the statistical probability of that event occurring. Betfair markets are extremely efficient so the final price offered (starting price) is very close to that probability. It therefore follows that you should always back at above SP and lay below SP.
This is of course a very concise explanation of the 'book' but it is key to understanding 'Value' More on creating value can be found throughout this guide.